arrow Governor Andrew Cuomo at a recent event in the Bronx Carlo Allegri/AP/Shutterstock
New York’s legislative leaders have finalized a $212 billion budget that will raise income taxes on the wealthy while sending billions of dollars to struggling tenants, schools, small businesses, and undocumented residents impacted by the pandemic.
The last of the ten bills that make up the budget were passed by the State Senate overnight, with the State Assembly expected to finish voting on Wednesday afternoon. The final bills were hailed as a historic victory by progressives, who successfully fought to raise $4.3 billion through additional income and corporate taxes, over the objections of Governor Andrew Cuomo.
Governor Andrew Cuomo and the Legislature approved a $212 billion state budget this week, an immense spending plan bolstered by new state tax increases on the wealthy and massive federal aid, with major investments in education, infrastructure, the green economy, rent relief, benefits for undocumented immigrants, child care, and more. The budget includes direct and indirect support for New York City, aimed at reviving its economy and aiding its residents as the city begins to claw its way out of the throes of the coronavirus pandemic.
From rent relief to support for small businesses and tax credits for property owners and tourism, the state budget contains a great deal of aid for New York City and its residents, as well as a number of policy initiatives that impact the city. The state budget adoption now sets the stage for the city to move ahead with its annual budget process, with an updated spending plan for next fiscal year due from Mayor Bill de Blasio later this month, and a ne
New York State Is Set to Raise Taxes on Those Earning Over $1 Million msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Billionaire tax not included in NY Senate Democrats’ budget proposal
Updated Mar 17, 2021;
Posted Mar 17, 2021
The Senate Chamber at the New York State Capitol in Albany is seen earlier in March.Hans Pennink | AP Photo
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By Denis Slattery | New York Daily News
Albany, N.Y. The budget proposal approved by Senate Democrats, while packed with revenue-generating taxes on the wealthy, doesn’t include a long-sought tax on high-end second homes or increased levies on billionaires.
Senate Dems shied away from the so-called pied-à-terre tax even though it was included in the Assembly’s one-house fiscal plan as they presented a tax package that could pull in about $8.2 billion over the next year.